by The global Automotive Sunroof Market is estimated to be valued at US$ 9,361.1 Mn In 2021 and is expected to exhibit a CAGR of 10.0 % over the forecast period of 2022-2030, according to a new report published by Coherent Market Insights.
Market Overview:
Automotive sunroofs are transparent or translucent panel roofs installed in vehicles, allowing natural light and fresh air to enter the cabin. The growing demand for luxury and advanced features in vehicles is driving the market growth. Sunroofs enhance the aesthetic appeal of vehicles and provide a spacious and airy ambience for the passengers. Additionally, the rising disposable income and changing consumer preferences are fueling the adoption of automotive sunroofs. The need for improved ventilation and air circulation in vehicles, along with the growing popularity of panoramic sunroofs, is further contributing to market growth.
Market Key Trends:
One key trend in the Automotive Sunroof Market is the increasing adoption of electric sunroofs. Electric sunroofs offer convenience and ease of operation, allowing users to effortlessly open or close the sunroof with the push of a button. These sunroofs are often equipped with additional features such as rain sensors and auto-close functions, enhancing the overall user experience. The shift towards electric sunroofs is driven by the growing demand for smart and connected vehicles that offer advanced features. Moreover, electric sunroofs provide improved sealing and insulation, resulting in reduced noise and better thermal efficiency. Overall, the increasing adoption of electric sunroofs is expected to drive market growth in the coming years.
Porter’s Analysis:
Threat of New Entrants:
The threat of new entrants in the automotive sunroof market is moderate. While the automotive industry has a high barrier to entry due to the high capital requirements and technological expertise needed, there is still a possibility for new players to enter the market. However, existing players have established brand recognition, strong distribution networks, and economies of scale, making it difficult for new entrants to compete.
Bargaining Power of Buyers:
The bargaining power of buyers in the automotive sunroof market is moderate to high. Buyers, which include automotive manufacturers, have the power to negotiate prices and demand quality products. However, the presence of a limited number of suppliers and the high switching costs associated with changing sunroof suppliers reduce buyer power to some extent.
Bargaining Power of Suppliers:
The bargaining power of suppliers in the automotive sunroof market is moderate. Sunroof suppliers have some power due to their specialized knowledge and the limited number of suppliers in the market. However, automotive manufacturers have the ability to switch suppliers and seek alternative solutions if they are not satisfied with the offerings.
Threat of New Substitutes:
The threat of new substitutes in the automotive sunroof market is low. Sunroofs provide a unique feature and aesthetic value to vehicles, and there are no direct substitutes that can replicate the same experience. However, advancements in technology and changing consumer preferences towards alternative features like panoramic roofs could pose a potential threat in the future.
Competitive Rivalry:
The competitive rivalry in the automotive sunroof market is intense. The market is highly consolidated, with a few key players holding a significant market share. Intense competition exists in terms of product innovation, pricing strategies, and geographic presence. The presence of well-established players and the constant introduction of new sunroof technologies drive competition in the market.
Key Takeaways:
The global automotive sunroof market is expected to witness high growth, exhibiting a CAGR of 10.0% over the forecast period from 2022 to 2030. This growth can be attributed to the increasing adoption of sunroofs in vehicles, driven by changing consumer preferences for enhanced driving experiences and the integration of advanced technologies.
In terms of regional analysis, North America is projected to be the fastest-growing and dominating region in the automotive sunroof market. The presence of well-established automobile manufacturers, increasing consumer demand for premium vehicles, and the growing trend of customization are factors contributing to the market’s growth in this region.
Key players operating in the automotive sunroof market include Magna International Inc., Webasto Roof Systems Inc., Mitsuba Corporation, Inteva Products (Acquired by CIE Automotive), Johnan America Inc., Aisin Seiki Co. Ltd., ACS France SaS, Yachiyo Industry Co. Ltd., and Inafla Roof Systems. These key players have a strong market presence and are continuously investing in research and development to introduce innovative sunroof solutions and gain a competitive edge.
In conclusion, the automotive sunroof market is expected to experience significant growth in the coming years. Factors such as changing consumer preferences, technological advancements, and increasing demand for premium vehicles are driving market growth. However, intense competition and the threat of substitutes pose challenges to market players. The key players mentioned are well-positioned in the market and are likely to capitalize on the growing opportunities.
